Local MP has welcomed Borough Council’s equity loan scheme : Own home dream to become a reality

Local MP Maria Miller has welcomed Basingstoke and Deane Borough Council’s equity loan scheme making the dream of owning your own home to become reality for a number of the borough’s residents.

Earlier this year the borough council launched its landmark Own Home Loan scheme, enabling those on the housing register to make that next step and buy their own home. 
Using £580,000 of council money allocated to provide affordable housing, the loan scheme aims to support younger people living or working in the borough, with loans of up to £30,000 to reach the deposit required for a mortgage or to bridge the gap between their maximum mortgage offer and property purchase value. 

Maria said, “Owning a home of our own remains a top priority for most people in Basingstoke and this new scheme helps make that ambition a reality for Basingstoke residents."

Cabinet Member for Homes and Families Cllr Tristan Robinson said: “Home ownership is a dream and an aspiration for many young people across our borough who want to stay in the area where they grew up. For those working hard and struggling to save towards a deposit, the market can seem just that bit too far out of reach, and yet they do not qualify for any support.

“I know it’s been a testing time over the past three months for many whose plans to move may have been halted as a result of the pandemic. I’m delighted we are able to play an important role in helping our residents to secure their own homes by offering 20 separate loans during these challenging times.” 

A total of 20 loans have now been offered unlocking the opportunity for those successful applicants to move forward and buy their own home. 
Those who were under 35 were given priority along with those who have been on the housing register for the longest period of time. It was available for single people, couples and those with children and can be used to purchase a new build or existing home.

Further information is available at https://www.basingstoke.gov.uk/own-home-loan